For the past few days S&P was following closely my expected pattern.
Nice bounce of fibo 38% level all the way to 50% that is also a resistance level build on June consolidation.
Unfortunately looking at the broader picture it seem to be a short stop before next move down.
With a market in oversold and a significant confusion among players, we might see another attempt to jump over 2880, but this is a chance for a consolidation on the current levels and few days break form a sharp downturn move.
There is some motivation to bring the market up due to Weekly Uptrend Line Supporting the entire 2019 advance. It was violated by Monday's selloff and some still hope we might go back above this line.
At the same time I am convinced that all attempts to cheer the market will eventually fail, even without more tweets from Mr. T.
Reading comments of big money funds managers a common sentence I find is - look for sellable rallies. It's not giving me much hope.
If you look at broader picture of my chart, you will see H&S building up over longer term period.
My guess is - we are going down and the target is ~2750.
Only in this is a place most of the people will decide it's over a more buying will begin. September would be a perfect time for this.
For now look for choppy ride and some more downfalls to come.
Also, let me know what you think. Any insights are more then welcome.
Nice bounce of fibo 38% level all the way to 50% that is also a resistance level build on June consolidation.
Unfortunately looking at the broader picture it seem to be a short stop before next move down.
With a market in oversold and a significant confusion among players, we might see another attempt to jump over 2880, but this is a chance for a consolidation on the current levels and few days break form a sharp downturn move.
There is some motivation to bring the market up due to Weekly Uptrend Line Supporting the entire 2019 advance. It was violated by Monday's selloff and some still hope we might go back above this line.
At the same time I am convinced that all attempts to cheer the market will eventually fail, even without more tweets from Mr. T.
Reading comments of big money funds managers a common sentence I find is - look for sellable rallies. It's not giving me much hope.
If you look at broader picture of my chart, you will see H&S building up over longer term period.
My guess is - we are going down and the target is ~2750.
Only in this is a place most of the people will decide it's over a more buying will begin. September would be a perfect time for this.
For now look for choppy ride and some more downfalls to come.
Also, let me know what you think. Any insights are more then welcome.